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South Africa’s largest insurance company, Old Mutual, announced a larger than expected downturn resulting from problems at its U.S. arm after markets dipped lower than expected. The insurer warned that sales there could dip as a result in 2008, sending its shares lower.
Published on August 6, 2008
Word of challenges in the U.S. helped to push Old Mutual shares down over 9 percent in early trading, despite a higher-than-expected 3 percent rise in its first-half operating profit.
About 20 percent of Old Mutual’s life insurance sales come from the U.S. While the insurer increased U.S. offshore sales in the past 18 months, it said in June that volatile markets could force it to strengthen reserves.
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